- Capital Investment - Kent & Medway, Growing Places Fund
Design in progress
Expected Completion Date
Discovery Park is a business park in Sandwich, which was historically developed and used by Pfizer as a research facility before being redeveloped in 2000. Discovery Park is now rented out to a number of businesses focusing mainly on the life science, pharmaceutical and bio-technology sectors.
The GPF funding has been requested to assist with a first stage of the redevelopment of the site through improving the utilisation of empty or underused spaces.
The underlying idea behind the redevelopment of the site is to create a mixed use site that complements the current commercial properties. To facilitate the redevelopment of the site there is a requirement for a new road to be built across the southern half of the site and for work to be carried out to prepare the mostly unused land for utilisation – the GPF funding will be used to bring forward the new road and the necessary preparatory work.
Capital Programme delivery update
Take a look at our update on the delivery of the Local Growth Fund (LGF) and Growing Places Fund (GPF) capital programmes.
Growing Places Fund
The Growing Places Fund (GPF) was established by the Ministry for Housing, Communities and Local Government (formerly the Department for Communities and Local Government) and the Department for Transport (DfT) in 2011. The aim of this funding is to unlock economic growth, create jobs and ‘kick-start’ house building at stalled development sites.
The GPF was made available to SELEP for investment as a recyclable loan scheme. Loan repayment schedules for each project are agreed within the credit agreement which is put in place at the start of the project. Repayments against these projects are returned to the central pot for reallocation to new projects.
Through the GPF Round 1 awards, a total of £47.459m GPF was awarded to 13 capital infrastructure projects across the South East LEP area. Initial repayments are now being made by some of the Round 1 projects which has allowed funding totalling £9.317m to be awarded to a further 8 projects through GPF Round 2.